Elliott wave analysis of EUR/NZD for December 22 - 2014 Market Analysis Review

Technical summary:

Ideally, support near 1.5703 will protect the downside for a break above resistance at 1.5845 and more importantly a break above 1.5879 confirming a new rally towards 1.6100 in a possble b-wave triangle. Only a break below support at 1.5643 will invalidate the outlook for a b-wave triangle and call for renewed downside pressure towards 1.5398 and lower.

Trading recommendation:

We will buy EUR near 1.5703 with a stop at 1.5640.

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Elliott wave analysis of EUR/JPY for December 22 - 2014 Market Analysis Review

Technical summary:

We are still locked inside the red wave iv triangle, but it should just be a matter of time, before we will see a break out of the triangle towards the downside for a move closer to 143.81. In the short term, we expect resistance at 146.74 to protect the upside for the break below support at 145.39 confirming the decline towards 143.81. Only an unexpected break above resistance at 147.03 will shift the focus towards the upside for a new rally towards 149.78 and above.

Trading recommendation:

We will sell EUR here at 146.28 with a stop+reverse at 147.05 and place take profit at 143.95.

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Technical analysis of EUR/USD for December 22, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Consumer Confidence. The US will also publish the economic data such as the Existing Home Sales. So, amid the reports, EUR/USD will move low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2286.

Strong Resistance:1.2279.

Original Resistance: 1.2267.

Inner Sell Area: 1.2255.

Target Inner Area: 1.2226.

Inner Buy Area: 1.2197.

Original Support: 1.2185.

Strong Support: 1.2173.

Breakout SELL Level: 1.2166.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for December 22, 2014 Market Analysis Review

In Asia, Japan will release the BOJ Monthly Report. The US will also publish some economic data such as Existing Home Sales. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

Resistance. 3: 119.97.

Resistance. 2: 119.74.

Resistance. 1: 119.50.

Support. 1: 119.22.

Support. 2: 118.98.

Support. 3: 118.75.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com



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Daily analysis of major pairs for December 22, 2014 Market Analysis Review

EUR/USD: This is a bear market and the bearish movement is supposed to continue this week. From the resistance line at 1.2550, the price dropped by more than 300 pips, closing below the resistance line at 1.2250. The next target to be reached by the price is the support line at 1.2200.

USD/CHF: This is a bull market and the bullish movement is supposed to continue this week. From the support level at 0.9550, the price rose by more than 280 pips, moving close to the resistance line at 0.9850. That resistance level could be breached to the upside, and the next target to be reached by the price is resistance level at 0.9900.

GBP/USD: This is a very volatile market. The volatility is caused by a struggle between the bull and the bear, though bears have upper hands. With further strength in the Greenback, the price could challenge the accumulation territory at 1.5550.

USD/JPY: The USD/JPY pair went upwards last week, following a bearish run that made it go below the demand level at 116.00. The price was unable to stay below the demand level at 116.00 – as it rose steeply above the demand level at 119.00. This market could continue its upwards movement and as a result of that, price could reach another supply level at 120.50.

EUR/JPY: This currency trading instrument closed at 146.16 on Friday, December 19, 2014, on a bearish note. The price ought to be bullish like some other JPY pairs, but the weakness in the EUR is too much to allow it. Only a movement above the supply zone at 147.50 could mean the end of the bearish outlook.

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#USDX Technical analysis for December 22, 2014 Market Analysis Review

The Dollar index as expected after the strong reversal, is now making new highs getting closer to our target of 91 given some time ago by my bullish flag analysis. Bulls remain in control after the sharp upward reversal we saw last week. Bulls should continue to support this upward move as it seems that it has only just started.

The Dollar index gave a new buy signal once price broke above the Ichimoku cloud last week. The short-term consolidation we observed last week was only a pause to this bullish reversal. The chart is fully bullish in ichimoku cloud terms and I expect to see 91 soon.

The Dollar index weekly chart remains bullish. Weekly support at 87 was held and the new upward move that has just started, is expected to make a stop near 91 where the bullish flag target is found.

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Gold Technical analysis for December 22, 2014 Market Analysis Review

Gold price remains inside the trading range we mentioned last week but is forming a bearish Head and shoulders pattern. The neckline at $1,180 is important support while resistance continues to hold at $1,220.

Red line = resistance

Green line = support

Blue horizontal line = Head and Shoulders neckline

Gold price is below the Ichimoku cloud in the 4-hour chart and this is a sign of weakness. Gold bulls will have to defend the $1,180-85 support soon. Resistance is found at $1,210-20. If support is broken, the neckline target is at least $1,130. If resistance is broken, I would expect Gold price to reach $1,250-70.

The weekly chart also remains inside the trading range. Price is below the Ichimoku cloud and below the kijun-sen. Losing the tenkan-sen at $1,193 will be a bearish signal for Gold price. If week closes above the kijun-sen at $1,240, then we should expect an upward push towards $1,286. My longer-term view remains bearish.

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USDCAD Daily Analysis - December 22, 2014 Forex Analysis

USDCAD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.1191. As long as the trend line support holds, the fall from 1.1673 could be treated as consolidation of the uptrend. Further rise could be expected after consolidation, and next target would be at 1.1800 area. Only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Daily Analysis - December 22, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9552, further rise could be expected after a minor consolidation, and next target would be at 1.0000 area. Support is at 0.9750, only break below this level could trigger another fall to 0.9600 area.

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USDJPY Daily Analysis - December 22, 2014 Forex Analysis

USDJPY is now in uptrend from 115.56, further rise to test 121.84 resistance could be expected, a break of this level will signal resumption of the longer term uptrend from 105.19 (Oct 15 low), then the following upward movement could bring price to 125.00 area.

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AUDUSD Daily Analysis - December 22, 2014 Forex Analysis

AUDUSD remains in downtrend from 0.8794. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.8000 area. Key resistance is at 0.8275, only break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - December 22, 2014 Forex Analysis

GBPUSD continued its sideways movement in a range between 1.5541 and 1.5825. As long as 1.5825 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.6182 (Oct 28 high), another fall towards 1.5000 could be expected after consolidation.

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EURUSD Daily Analysis - December 22, 2014 Forex Analysis

EURUSD broke below 1.2247 support indicating that the downtrend from 1.2886 (Oct 15 high) has resumed. Further decline could be expected, and next target would be at 1.2000 area. Near term resistance is at 1.2350, only break above this level will indicate that lengthier consolidation for the downtrend is needed, then another rise to 1.2500 area could be seen.

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